PZ Cussons Nigeria Plc reaped major gains on the side of earnings that multiplied group profit roughly four times to N6.4 billion in its 2022 financial year ended May. This is a sustained upswing for the second year for the consumer goods manufacturing and marketing company from a loss of over N7 billion in its 2020 financial year.
The company’s unaudited full year earnings report for the financial year shows a 278 percent upsurge in the bottom line from about N1.7 billion at the end of its 2021 financial year.
The biggest inflow that led the profit advance is other income, which was driven by an apparent windfall from profit realised from fixed asset disposal, amounting to N5.7 billion. The income towers a clear 174 percent above the corresponding figure in the preceding financial year. It also beats the operating income of N3 billion the company generated for the year.
This is a repeat of the preceding year’s record when other income equally advanced by over 1000 percent from N179 million to over N2 billion.